Tag Archives: FTX

NEW YORK (AP) — Collapsed cryptocurrency trading firm FTX confirmed there was “unauthorized access” to its accounts, hours after the company filed for Chapter 11 bankruptcy protection Friday. The embattled company’s new CEO John Ray III said Saturday that FTX is switching off the ability to trade or withdraw funds and taking steps to secure customers’ assets, according to a tweet by FTX’s general counsel Ryne Miller. FTX is also coordinating with law enforcement and regulators,… Source link

The crypto market is experiencing a stunning downfall following the collapse of the exchange FTX (FTT-USD). FTX filed for Chapter 11 bankruptcy protection followed a failed takeover by rival Binance (BNB-USD) earlier in the week, with Sam Bankman-Fried resigning as CEO after engineering a liquidity hole of billions. “It’s a black swan event,” Wedbush tech analyst Dan Ives said on Yahoo Finance Live (video above). “It’s a cautionary tale for what you see in sectors and unfortunately, many will… Source link

The entire team behind the FTX Future Fund, the Sam Bankman-Fried philanthropy, has resigned in the wake of FTX’s unraveling, leaving many grants unfunded. “We are now unable to perform our work or process grants, and we have fundamental questions about the legitimacy and integrity of the business operations that were funding the FTX Foundation and the Future Fund,” the team wrote in an open letter published online Thursday. “As a result, we resigned earlier today.” The FTX Future… Source link

Editor’s note: This story is developing. Check back for updates. Crypto exchange FTX and its affiliated companies have filed for Chapter 11 bankruptcy, the company announced on Friday, with FTX Founder Sam Bankman-Fried stepping down as CEO. John J. Ray III will take over as chief executive, while Bankman-Fried will assist during the transition. The filing for the affiliate, Alameda Research LLC, lists between $10 billion and $50 billion assets, between $10 billion and $50 billion in… Source link

FTX on Thursday said it will open a Tron credit facility to allow holders of TRX, BTT, JST, SUN, and HT to remove their assets from the platform. “As part of this agreement, we will be disabling Tron deposits for all users during this period. The only deposits will be the pre-announced deposits conducted weekly by the Tron Team. Initially, $13,000,000 of assets will be deployed to facilitate such swaps,” the exchange said. The development comes after founder of the Tron cryptocurrency network,… Source link

Sam Bankman-Fried.Craig Barritt/Getty Images for CARE For Special Children Sam Bankman-Fried transferred at least $4 billion in FTX funds to Alameda Research earlier this year, sources told Reuters. The money included customer funds as well as those backed by FTX’s native token FTT and shares in Robinhood.  The Wall Street Journal reported FTX lent more than half of its $16 billion in customer funds to Alameda in total. Sam Bankman-Fried transferred at least $4 billion from FTX to Alameda… Source link

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe Thursday, November 10, 2022 Today’s newsletter is by Jared Blikre, a reporter focused on the markets on Yahoo Finance. Follow him on Twitter @SPYJared. Read this and more market news on the go with Yahoo Finance App. Cryptocurrency crashed on Wednesday, with most coins and tokens plummeting to multi-year lows. Bitcoin has lost one quarter of its… Source link

The cryptocurrency exchange FTX is reportedly considering a deal to acquire digital trading platform Robinhood (HOOD), Bloomberg reported Monday, citing unnamed people familiar with the deal. Robinhood has not yet received a formal notice from FTX of any such takeover, the report said, while adding that FTX could ultimately choose not to pursue a purchase. The report of a potential acquisition by FTX comes just over a month after Sam Bankman-Fried, the CEO and founder of FTX, disclosed a 7.6%… Source link